Exporting

The UK government has hosted an export summit to help small businesses in Wales export their products across the globe. The Wales Business Export Summit, which was held in Cardiff City Hall yesterday, saw more than 50 Welsh enterprises attend – with representatives from the Wales Office and the Department for International Trade hosting. Attendees received practical advice on applying for export grants, market intelligence and intellectual property (IP) among other things. 4,000 small businesses in Wales exported for the first time in 2015, with the value of Welsh exports hitting £11.6bn in 2015. Speaking on the challenges Brexit could have for Welsh businesses, Alun Cairns, secretary of state for Wales, said: “We recognised that this [Brexit] would provide some challenges for all We... »

UK small businesses are confident about their ability to achieve future growth, despite the uncertainty caused by Brexit. A survey by Oxford Economics has revealed that 50% of all small enterprise owners believe they can increase their revenues by at least 4% in the coming year, with 57% believing they can achieve the same within three years – while 20% have set their sights on achieving an 8% annual growth rate. Indeed, it’s suggested optimism among business owners is high, with respondents almost twice as likely to think growth will accelerate rather than slow down over the next three years during which it’s assumed the UK will officially leave the EU. With Article 50 set to be triggered by the end of March, small firms are now looking beyond the single market and want to sell to the wor... »

UK small businesses will wait on Theresa May’s Brexit plans with bated breath, as they prepare for life outside the single market. May’s ‘white paper’, which could be introduced as early as this week, will formally set out the government’s plan for leaving the EU and will pave the way for official negotiations. According to a recent survey of 4,000 small businesses by the Federation of Small Businesses (FSB), many see free access to European markets as “vital” – with 32% involved in some form of overseas trade as an exporter or importer. 92% of respondents who export, and 85% who import, currently trade with the EU single market – signifying the importance of free trade inside Europe for smaller firms. As a result of the UK leaving the European Union, 29% of those surveyed expect their exp... »

The government’s target of having an export industry worth £1 trillion by 2020 looks unlikely to be reached, as 96% of all non-exporting businesses have no plan to sell overseas in 2017 – according to research by ICAEW. Despite an extensive advertising campaign, it’s revealed that just 53% of all UK small businesses currently export, the same number recorded in 2014 – with just 1% of enterprises exporting for the first time this year. Just 25% of businesses that sell abroad are planning to enter new markets in the next 12 months, down from 33% two years ago. When quizzed about why they decided not to take the jump into the world market, 41% of small businesses have replied that they had a sufficient customer base in the UK The US and Europe are the main destinations of selling for 30... »

As Sterling increases in value against the Euro, UK businesses thinking of expanding into Europe could save up to £66 per trip Sterling is now worth 15% more against the Euro, compared to two years ago, saving British enterprises expanding into European markets approximately £66 per business trip, according to research by currency business Centtrip. The new report revealed UK companies made approximately four million trips to the EU in 2013, spending a total of £2bn, an average of £428.78 per journey. For businesses making the same trips this year, Centtrip estimates firms would only need to spend £362.79 per trip, meaning the time is ripe for companies considering going abroad to analyse markets. Centtrip’s co-founder and managing director, Brian Jamieson, advises companies – especially t... »

Promises of re-structured business rates, further tax relief and support to exporters announced during 2014 Autumn Statement On Wednesday, December 3, the chancellor of the exchequer George Osborne disclosed 2014’s Autumn Statement – outlining the government’s latest plans for the UK economy. A number of entrepreneurs cited hopes for extension on current research and development tax credits, cuts on corporation tax, and more government support prior to the release of the statement and many of these requests were answered. Here, is4profit has pulled together the key elements from the statement that will impact the small business community. British Business Bank Osborne announced that the government will be expanding its British Business Bank; this will mean that the Business Bank’s Enterpri... »

Forum of Private Business appeals to chancellor George Osborne as National Export Week begins The Forum of Private Business (FPB) has called upon chancellor George Osborne to introduce a tax break scheme to facilitate small businesses trading in overseas markets. Coinciding with the start of National Export Week (NEW), the FPB has stressed that exporting must be made easier for small and mid-sized businesses, with the forum proposing that the government introduce a tax scheme similar to corporation tax’s research and development relief. The FPB, which lists its proposals in its autumn statement submission, suggests reducing an eligible entrepreneur’s tax bill or providing export activity tax credits, which would increase along with the business’ overseas sales. This, the FPB believe, will ... »

Exporting is a crucial element if businesses are to grow, create jobs and boost the economy; UK Trade & Investment (UKTI) research shows companies that export can see a 34% increase in productivity within the first year of exporting and are 11% more likely to survive. Since we started exporting in 2011, we export nearly a quarter of our turnover, representing over £1.2m. We now export luxury cars, parts and accessories across the globe and have doubled our team to deal with business growth. Of course, exporting is not without its challenges. Here are some of the tips we’ve learned along the way to help your business achieve export success: Do your homework and research the market Research is a vital first step to assess if there is a market for your products. We’ve built relationships ... »

Importance of exporting highlighted as 37% of small and mid-sized businesses hit growth ceiling in the UK after three years New findings released by Barclays named the US as the top export destination for UK small and mid-sized businesses, with 55% selling to the market. The survey, which examined the most popular UK export destinations, revealed that the US was closely followed by France (53%) and Germany (51%). European countries dominated the list, with Spain (42%), Netherlands (39%), Belgium (31%), Italy (37%), and Sweden (29%) all present. However, Australia and Canada also featured in the top 10 list with 33% of small and mid-sized businesses exporting to Canada and 26% to Australia. The report highlighted the important role of exporting for business growth as 37% of businesses reach... »

52% of survey respondents identify ‘lack of support’ as main barrier to exporting despite 35% of businesses identifying new markets as essential to business success Despite a growth in UK exports, only a quarter of small and mid-sized businesses are trading overseas – with over half stating they require more support to do so. A FedEx survey of 1,000 businesses entitled The Great British Export Report revealed that, although only a quarter of small and mid-sized businesses are exporting, 35% of the respondents identified tapping into new markets as essential to their business’ success in the next 12 months. Furthermore, of those companies that are exporting 41% predict that in five years their business will be mostly international. Despite the government setting an export target of £1tn by ... »

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